Step 1: Understand the question:
We need the members of the 1946 Bombay group among four named artists.
Step 2: Find the non-member:
Tyeb Mehta belongs to the next generation of Bombay painters and was not a founder in 1946. So D is out.
Step 3: Use the options:
Options 3 and 4 contain D, so they fail. Option 2 has only B and C and leaves out Souza, the group's founder, so it fails too.
Step 4: Confirm the last option:
Option 1 lists Souza, Ara and Bakre, all of whom were founding members.
Final Answer:
Only option 1 has the right set, A, B and C.
\[ \boxed{\text{Option 1}} \]